ConDati has raised $4.75 million in funding for its next-generation analytics for digital marketing. The Palo Alto, California-based company is also announcing its flagship service, ConDati Marketing Analytics.
ConDati said it wants to deliver a holistic view of digital marketing performance. The company leverages the economics of the cloud to give even small and mid-sized companies access to on-demand, affordable, and actionable data science.
“We’re moving marketing out of incomplete and antiquated spreadsheets into a whole new way to monitor, understand and manage the business,” said Ken Gardner, CEO of ConDati, in a statement. “We’re delivering immediate and actionable insights that help CMOs determine the most effective operational and strategic way forward, improving marketing-driven business outcomes across search, email and social marketing.”
Focusing a high-powered team
Gardner founded ConDati to apply next-generation technology and data science to the “big data” problem in marketing caused by the proliferation of cloud-based marketing technologies. He has a track record of five successful exits, including one just last year: He was founder and chairman of Soasta, which was sold to Akamai in 2017.
Among ConDati’s other cofounders is Dan Bartow, vice president of product design and engineering. He holds multiple patents in data science, analytics, and user interfaces. He served as Soasta’s vice president of products and principal product designer until the company’s acquisition by Akamai.
The ConDati executive team also includes John Zicker, chief data scientist, a five-time entrepreneur and three-time CEO who began his career at the Stanford Linear Accelerator Center (SLAC).
“His work at SLAC with Big Data set new standards for what was possible,” Gardner said.
Analyzing big data for business use
Measurement and analytics have not kept pace with the proliferation of martech and platforms, ConDati said.
Almost every business in the world has a website, and digital marketing has evolved into a sophisticated set of tools, applications, systems, and platforms that make up the martech stack. The stack typically includes standalone cloud-based systems that manage keywords, organic search, pay-per-click advertising, and search engine optimization (SEO), as well as email and social marketing.
At a minimum, most companies have five to eight martech systems in place, and some ecommerce companies use dozens. One recent analysis shows nearly 7,000 cloud-based martech systems on the market. ConDati Marketing Analytics addresses this problem by aggregating marketing data in real time and delivering it to marketing leaders via visualizations that show the financial performance of online marketing campaigns, including rolling up revenue, other goal conversions, and costs from multiple sources.
ConDati collects data from the areas of greatest digital marketing spend and activity, including Google Analytics, Adobe Analytics, Google Adwords, DoubleClick, and Facebook Ads — as well as marketing automation systems including Salesforce Pardot and Salesforce Marketing Cloud — to deliver complete visibility into revenue and costs for digital campaigns. Once the data is combined from the disparate systems, ConDati applies machine learning algorithms to build predictive models that enable statistically valid forecasting and anomaly detection.
Predictive analytics provides statistically meaningful forecasts of future campaign performance and enables anomaly detection and operational-level alerts. ConDati also forecasts long-term revenue trends that give executives visibility into the need for potential strategic changes months in advance.
Future releases of the ConDati Marketing Analytics service will include expanded data sources to address the thousands of current cloud-based martech systems. The company will also add prescriptive analytics that enable marketing pros to run what-if scenarios, optimize their programs, and improve marketing ROI.
Investors include Jeff Webber, managing director of The Entrepreneurs’ Fund.
The audio problem: Learn how new cloud-based API solutions are solving imperfect, frustrating audio in video conferences. Access here